XTB Achieves Record Revenues of $139M in Q1-2024

XTB achieves record revenues of $139M in Q1-2024, driven by market volatility and increased client acquisition.

Key Points

• Record Revenues: XTB achieved $139M in Q1-2024, surpassing its 2023 performance.
• Client Growth: Welcomed 129.7K new clients, up 24.5% from last year, with active clients increasing by 45.5%.
• Revenue Sources: Commodities-based CFDs led revenue at 48.7%, followed by indices at 41.9%.
• Operating Costs: Costs rose due to increased remuneration and commission expenses.
• Future Plans: Launching a new personal finance management product and expanding into Brazil and Indonesia.

Poland-based Retail FX and CFDs brokerage group XTB SA (WSE: XTB) has continued its upward trajectory, surpassing its records set in 2023 with unprecedented revenue figures in the first quarter of 2024.

XTB, known for its prowess in the financial markets, has reported staggering quarterly revenues of PLN 556.0 million (equivalent to approximately USD 139 million) in Q1-2024. This achievement eclipses the company’s previous record of $134 million in the corresponding quarter of the last year. While the net profit of PLN 302.8 million ($76 million) in Q1-2024 fell just short of the record set in Q1-2023, the figures underscore the company’s consistent growth and robust performance.

XTB Achieves Record Revenues of $139M in Q1-2024

Heightened volatility in financial and commodity markets bolsters investors’ trading activity, contributing to impressive financial results. XTB witnessed a surge in client acquisition, welcoming a record 129.7 thousand new clients, marking a significant 24.5% increase year-on-year. Moreover, the number of active clients surged by 45.5% compared to the previous year, reaching 378.5 thousand.

During Q1-2024, XTB achieved notable success across various asset classes. CFDs based on commodities emerged as the top revenue generator, constituting 48.7% of the revenue structure, closely followed by CFDs based on indices at 41.9%. The company also witnessed a remarkable uptick in revenue from currency-based CFD instruments, accounting for 6.7% of total revenue.

However, amidst the stellar financial performance, XTB saw a rise in operating costs during Q1-2024, amounting to PLN 204.7 million. This increase, totaling PLN 20.5 million compared to the same period in the previous year, was primarily driven by higher remuneration, employee benefit costs, and increased commission expenses.

In 2024, XTB plans for further expansion and innovation as it looks ahead. The company aims to launch a new product by the year-end, facilitating seamless management of personal finances through a virtual wallet and multi-currency card. Additionally, XTB is actively pursuing foreign expansion, with plans to obtain licenses and commence operations in Brazil and Indonesia.

Commenting on the prospects, the XTB management Board emphasized its commitment to organic growth and establishing a global brand. While focusing on consolidating its presence in European markets, the company is also keen on expanding its footprint in Latin America, Asia, and Africa.

XTB’s remarkable performance in Q1-2024 underscores its resilience and adaptability in navigating the dynamic landscape of financial markets, setting a strong foundation for sustained growth and innovation in the years to come.

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